Expectations that demand would increase as some of the European nations and the US cities moved to ease Covid-19 lockdowns, also supported oil prices.

National Australia Bank Melbourne commodity research head Lachlan Shaw was quoted by the news agency as saying: “It’s a little bit of good news that maybe storages aren’t filling quite as quickly in the US as you would have thought.”

Regulators in Texas, US are set to hold a vote on 5 May on whether to enact output cuts.

Shaw further added: “The other thing coming through is more detail and a louder groundswell towards plans for removing COVID restrictions, particularly in Europe — in countries like Spain, France, Austria and Switzerland. That’s going to see demand pick up.”

Investors are awaiting weekly data of the US Energy Information Administration (EIA) which is expected to be released later today.

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